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RBI Governor Urjit Patel calls for more powers over state lenders in wake of PNB fraud

Reuters  |  MUMBAI 

By Devidutta Tripathy and Abhirup RoyMUMBAI (Reuters) - The Reserve Bank of India chief said on Wednesday that it had "very limited authority" over state-run banks and called for reforms to give the regulator more powers to police such lenders in the wake of a $2 billion fraud. Reserve Bank of India (RBI) Governor Urjit Patel defended the central bank's role in the aftermath of the Punjab National Bank fraud case and hit back indirectly at the Indian government, which has criticized the role of the regulator and auditors for failing to spot the alleged scam.In a rare, strongly-worded speech ...

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First Published: Wed, March 14 2018. 21:01 IST